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I recently wrote about the importance of the cash flow statement in assessing the financial performance of a football club, focusing on the Premier League. Since then I have had a few requests to do the same for the Championship, so let’s take a look in the following thread.
A club’s profit and loss account is easy to understand, i.e. basically revenue less expenses (mainly player wages), but this is a notional profit based on the accountants’ accruals concept, which can be very different from actual cash movements.
This is important, as the main reason that football clubs fail is cash flow problems. It does not matter how large your revenue is (or your profits are), if you do not have the cash to pay your players, suppliers or indeed the taxman, then you will find yourself in trouble.
Read 41 tweets

A dull little thread, to show the hierarchy of Companies making up Anderson's failed #BWFC Group.

@BWFCFans are probably familiar with it & many will be #Burnden Shareholders.

At the top sits :
1. Inner Circle Investments
which owns 94.5% of:
2. Burnden Leisure
Minority Shareholders are owed a Fiduciary Duty.
That Duty is a legal obligation on the Co. & its Dirs.

Sufficient % exists to Call a GM for Burnden Leisure Ltd
That Right's threshold for exercise is 5%

But obvious practical problems, herding 6,267 cats…
Ken Anderson owns 100% of Inner Circle.

Both its 2 Issued Shares are in hock to Moonshift Investments, controlled by the Trustees of the Estate of Eddie Davies (so Probate &c. is likely also a factor)

The shares secure a £5m Davies-Anderson loan given before the former's death
Read 21 tweets

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